A dynamic Chinese city near Hong Kong, a premier economic hub and the original 'special economic zone'
Hui Ka Yan, founder of Evergrande, has pleaded guilty to charges including fundraising fraud and bribery. The court has announced he expressed remorse during his trial in Shenzhen. The case follows Evergrande's collapse with over $300 billion in liabilities, marking a significant development in China's ongoing property sector crisis.
The United States has proposed tariffs of up to 12.5% on imports from about 59–60 countries, citing failures to curb goods made with forced labour. The EU has negotiated a digital trade deal with South Korea and is preparing new industrial measures to reduce single‑supplier dependence. China has tightened controls on outbound investment and is hosting a steady stream of foreign leaders.
Fresh data show China’s May retail sales stalled while investment contracts widen, signaling a slowdown in domestic demand. Yet exports are proving resilient thanks to AI-related demand and renewables, and industrial output edges higher, painting a nuanced picture of a faltering domestic economy still buoyed by external demand.
China has posted a contraction in retail sales and a sharper drop in urban investment in May, signaling a deepening economic slowdown even as factory output improves.Officials flag a need for technology development and stronger employment support amid a K-shaped recovery.
China’s securities regulator has signaled a crackdown on AI-themed stock promotion and market manipulation, while supporting active ETFs in Shanghai and Shenzhen. Regulators warn they will punish illegitimate stock recommendations and rumours, as Beijing seeks to cool speculative sentiment amid an AI rally.
Multiple outlets report a flood watch for parts of New York and New Jersey ahead of a World Cup match at MetLife Stadium. Forecasts warn of heavy rain, possible flash floods and travel disruptions during the event, with authorities urging planning and caution.
China's LineShine has been named the world's fastest supercomputer on the TOP500 list, marking its debut at the top. The system runs entirely on CPUs and achieves 2.198 exaflops, surpassing El Capitan in the US. Analysts say the result signals recognition of China’s chip-design efforts, though AI workloads and list methodology cloud the claim.
APEC discussions have highlighted a widening gap between the US and China on trade, even as Beijing’s commitments to Boeing orders and US agricultural purchases signal ongoing economic ties. APEC ministers are urging faster implementation of agreed outcomes, with potential shifts as Xi and Trump are expected to meet later this year.
Australian actor Paul Hogan has dismissed Pauline Hanson’s monoculture proposal as out of step with the country’s diverse society. Hanson’s National Press Club address has triggered polling swings, with Labor gaining in Newspoll and Redbridge, while One Nation’s popularity slips. Experts say Hanson’s monoculture concept misreads Japan’s demographics and ignores Australia’s own diversity.
Anthropic faces government scrutiny over alleged distillation of its AI capabilities. China warns of security risks tied to Claude Code, prompting Alibaba to ban internal use and push for Chinese alternatives. OpenAI and others face government-led restrictions on advanced models as nations recalibrate frontier AI strategy.
A Suzhou court has ruled Molly Tea infringed Louis Vuitton’s four-petal monogram, ordering damages of 10.3 million yuan and legal costs. The decision, which centers on a jasmine-flower motif, has sparked online debate in China over intellectual property and cultural heritage. Molly Tea plans to appeal as rivals see broader implications for brand protection and cross-border IP fights.
Investors are chasing American depositary receipts representing South Korean memory-chip maker SK Hynix after a surge in AI demand boosted valuations and sparked a multibillion-dollar ADR sale. The offering follows a year of dramatic gains across memory peers and signals continued fever in tech equities tied to AI.
UBTech has unveiled the U1, a hyper-realistic humanoid robot intended to combat loneliness among singles and the elderly. The robot features emotional AI, camera eyes for stress detection, and comes in male and female versions. It is positioned for mass production with significant pre-orders, signaling China’s push to elevate robotics as a core industry.